Holidays are just days away. Everyone's personal finances are already sorted out to celebrate the season, and while it's the time to connect with loved ones and make memories, it's also when people spend big.
Unfortunately, this holiday spending scheme mostly leads to unwanted overspending. Before you know it, bills and receipts are piling up quickly before the year ends. Indeed, there is something so exciting about holiday planning and shopping. But sometimes, you might want to take a step back and consider celebrating the holidays while also leaving something extra for the new year.
Don't welcome 2025 with a broken bank. Here are 5 tips to help you save money this holiday season.
Set a Budget
The first thing we look forward to every holiday is shopping. Although it is fun to shop mindlessly and put items into your cart, you may want to set a holiday budget in place before you leave for the house. CNBC estimates that you can plan a budget for food, presents, decorations, and the rest.
Shop Early and Look for Deals
But what if you just have a lot to spend on? CNBC also shared that you can still shop without a tight budget holding you back—by shopping early. Usually, this is when sales and discounts come up in malls as they prepare to empty out items before the year ends. Or, you can look out for holiday deals and coupons to lessen your total spending. Don't buy right away as well, compare prices online and do a canvas first to ensure that you're getting the best value.
Make DIY Gifts
You may think that everyone would love to receive pricey gifts, but a DIY one is more memorable, per Purple Bug. No need to fall in line for the new iPhone 16 or wait for the newest jewelry stock on the block. Get creative with your gifts instead, like making personalized accessories that they like, photo albums full of memories captured this year, hand-written notes in an exploding box, and more. Because you know what they say, it's the thought that counts.
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Limit Travel Costs
It's true that we only live once and you can't keep spending the holidays at home. You can spice it up by traveling, but also while being cost-effective. If possible, choose to go to places where you have a family so you can stay at their house instead of renting. You will still chip in on food, for sure, but it's not as expensive as the usual holiday accommodation that will empty your wallet.
For airfare, CNBC also shared that you can book early and keep an eye out for deals and discounts.
Cut Back on Extra Expenses
Now, not everyone spends big on gifts and traveling, some are huge fans of Christmas home decorations. But the only tip you can get in this part is to not be swayed by home decor trends. While it's a huge wow factor to give your place a modern Christmas makeover, trust that it won't be used again next year. Better to just buy general decorations that you can set up each year. At the end of the day, holidays is about creating memories to wrap up the year.
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